Mining Dash can be profitable today as its value has been on the rise in the past few months. Dash is based on the X11 algorithm which provides a good opportunity for the miners to get good returns on their investment.
Three primary reasons why Dash can be profitable to mine include:
1. Superior efficiency: Being based on the X11 algorithm allows better efficiency. It consumes much lower electricity and the GPUs require about 30% lesser wattage. This also means they require that much lesser cooling. It runs a sequence of eleven hashing algorithms for PoW (Proof of Work).
2. Value: Dash mining offer three benefits over Bitcoin and some of the other cryptocurrencies.
• Anonymity and obscurity – All the transactions are untraceable. The source and destination of transactions are totally obscured.
• Instant confirmation – Dash transaction hardly requires 1 second to confirm transactions.
• Lower fees – The transaction fee is quite low. With the increase in value of Dash, the mining profitability too increases.
3. ASIC friendly: Dash has specific ASIC hardware built for mining. ASIC has higher hash rates and very low power consumption. They are expensive but because of the increasing Dash value it gets a significant edge of other coins.
The three factors mentioned above are some of the reasons why people are attracted towards Dash mining and make a profitable digital coin.
Before starting mining, it is necessary to create a Dash wallet. It is important as this is where the miners will receive their rewards and from where they can send payments for services they procured. Wallets are available for all the major operating systems- Linux, Windows, and Mac. It is also necessary to sync the wallet within the Dash network. You can then create a wallet address for others to send the Dash coins.
Download the Dash mining software. It activates the graphics processor and enables it to mine Dash. The hardware can be procured two ways. Buy the readymade hardware and start mining instantly on deployment or build your own rig. This may take some time and lot of effort.
Find a mining pool. It can give you instant rewards frequently. Solo mining gives the miner 100 percent rewards but it takes a lot of time to complete a block. Instead, joining a mining pool will produce faster and regular coins to the wallet. The profits are divided among all the miners according to their contribution.